Phase-one deal accelerates opening-up of financial service sector

China and the United States pledged in their phase-one trade agreement on Wednesday to accelerate two-way opening of the financial service sector and expand market access for each other's companies－a move that is mutually beneficial and in line with China's objectives, analysts said on Thursday.

The countries agreed to provide fair, effective and nondiscriminatory market access for each other's financial companies in sectors such as banking, securities, insurance, futures, asset management, electronic payments and credit rating.

They also reached consensus on macroeconomic policies and exchange rates, recognizing that strong fundamentals, sound policies and a resilient international monetary system are essential to exchange rate stability. Stability, in turn, leads to strong and sustainable growth and investment.